Consignment Accounts | Principles & Practice of Accounting
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- Last Updated on 23 February, 2023
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1. Account sale
Account sale is a statement sent by consignee to consignor periodically. It gives details of transactions entered by consignee on behalf of consignor during that period and the final balance due.
It also contains the quantitative details, apart from the financial transactions like Sales, Expenses incurred, Commission due & advances paid. On the basis of account sale the consignor records entries in his books periodically.
2. Del-Credere commission
In normal course the bad debts loss due to credit sales is the loss of consignor (because he is the owner) and not of consignee. But sometimes the consignee agrees to take the risk of bad debt losses and in return he gets extra commission, known as Del Credere commission.
Therefore, whenever Del Credere commission is payable, the bad debts loss will be borne by consignee and not the consignor.
The Del Credere commission to be calculated on total sales and not only on credit sales unless otherwise specified.
3. Treatment of Normal Loss
We don’t have to value it or to exclude it from the consignment a/c because it is a normal loss.
But while valuing the closing stock the cost or the expenses, which are incurred for the total quantity and which have to be considered for stock valuation will be divided by the normal quantity and not by the total quantity.
Thus to that extent cost of good unit’s gets increased or in other words the amount of normal loss gets spread over the normal quantity.
Normal Qty. = Total Qty. (-) Normal loss
Scrap value of normal lost quantity should be credited to
consignment A/c.
| Cost per unit = | Total cost (—) Scrap value of normal loss |
| Normal quantity |
4. Treatment of Abnormal Loss
The valuation of abnormal loss should be made like the valuation of closing stock.
Because it is an abnormal loss, it should not affect the normal profit shown by the Consignment A/c
Therefore we should exclude such abnormal loss from the consignment A/c by passing following entry.
Abnormal loss A/c Dr. …
To Consignment A/c …
The scrap value or insurance claim etc. of such abnormal lost quantity should be credited to Abnormal loss a/c & the balance left in that a/c will be transferred to P&L A/c.
5. Overriding Commission
Overriding commission is the extra/additional commission given over and above the normal commission. Like for taking the risk of bad and doubtful debts the del credere commission is given. For selling at higher prices, some % of extra price realized (may be selling price – invoice price) is given.
Similarly for developing market for new product or selling in new areas extra commission can be given. Even higher commission may be offered in lieu of reimbursement of certain selling and administrative expenses.
6. Advance Vs Security Deposit from Consignee
Some times consignee may pay advance at the start or during the period.
No special treatment is required it will be credited to consignee and will get adjusted from the amount due on account of sale.
But when it is kept as security deposit for goods, then the amount proportionate to closing stock should remain as security deposit at the end i.e. full amount should not get adjusted.
It can be treated as security deposit when it is given as some percentage of the value of goods sent to consignee.
7. Practical Questions
Q.1 Mr. R consigned 10,000 litres of oil @` 3 per litre and paid ` 2,000 as forwarding expenses. Mr. S, agent of Mr. R received the stock and sold 6,000 litres @ ` 6 per litre, and paid ` 1,000 as selling expenses. He was entitled for 10% commission on sales. There was a normal loss of 2%. Prepare Consignment account in the books of Mr. R.
Solution:
Consignment Account
| Particulars | Amount | Particulars | Amount | |
| To Goods sent on consignment | By Agent (6000 litres @ ` 6) | 36,000 | ||
| (10000 Litre @ ` 3) | 30,000 | By Stock on consignment(1) | 12,408 | |
| To Cash (forwarding exp.) | 2,000 | |||
| To Agent: | ||||
| Selling exp. | 1,000 | |||
| Commission | 3,600 | 4,600 | ||
| To Profit & Loss A/c | 11,808 | |||
| 48,408 | 48,408 | |||
Working Note:
Calculation of Closing Stock
| Quantity (in Litres) | Amount (in ` ) | |
| 10,000 | 32,000 (30,000 + 2,000) | |
| Less: Normal Loss of 2% | 200 | — |
| 9,800 | 32,000 | |
| ∴3,800 | 12,408 | |
Q.2 Mr. A consigned 200 cycles @ ` 500 each and paid ` 3,000 on freight. During the transit 20 cycles were lost by theft. Mr. B received the remaining stock and paid ` 3,600 on its clearing. He sold 150 cycles @ ` 800 per cycle. He was entitled for 10% commission on sales. He paid ` 5,000 as miscellaneous expenses. Prepare Consignment Account in books of Mr. A.
Solution:
Consignment Account
| Particulars | Amount | Particulars | Amount |
| To Goods sent on consignment A/c | By Profit & Loss A/c (Abnormal Loss)(1) | 10,300 | |
| (200 @ ` 500) | 1,00,000 | By Agent (150 @ ` 800) | 1,20,000 |
| To Cash (Freight) | 3,000 | By Stock on consignment A/c(2) | 16,050 |
| To Agent : | |||
| Clearing charges | 3,600 | ||
| Commission | 12,000 | ||
| Miscellaneous exp. | 5,000 | ||
| To Profit & Loss A/c | 22,750 | ||
| 1,46,350 | 1,46,350 |
Working Notes:-
| 1. Calculation of Abnormal Loss | ` |
| 20 Cycles @ ` 500 each | = 10,000 |
| Direct expenses | = + 300 |
| 10,300 | |
| 2. Stock valuation (at invoice price) | |
| 30 cycles @ ` 500 each | = 15,000 |
| Direct expenses | = + 450 |
| (before loss) | |
| Direct expenses | = + 600 |
| (After loss) | 16,050 |
Q.3 A consigned 10,000 kg. of oil @` 20 per kg. and paid ` 4,000 as forwarding expenses. B received the Consignment and sold 6,000 kg @ 50 per kg. He paid ` 10,000 as selling expenses. He was entitled for 5% Commission on Sales. He informed that 1,000 kg. of oil was destroyed by fire. There was a normal loss of 2%. Prepare Consignment A/c in the books of A.
Solution:
Consignment Account
| Particulars | Amount | Particulars | Amount |
| To Goods sent on Consignment A/c | By B (6000 × ` 50) | 3,00,000 | |
| (10,000 × ` 20) | 2,00,000 | By Profit & Loss(1) (Abnormal Loss) | 20,816 |
| To Cash/Bank A/c | By Stock on Consignment A/c(2) | 58,286 | |
| (Forwarding exp.) | 4,000 | ||
| To B: | |||
| Selling expenses | 10,000 | ||
| Commission | 15,000 | ||
| To Profit & Loss A/c | 1,50,102 | ||
| 3,79,102 | 3,79,102 |
Working Note:
-
- Calculation of Abnormal Loss
| Quantity (in Kg.) | Amount (in ` ) | |
| 10,000 | 2,04,000 (2,00,000+4,000) | |
| Less: Normal Loss of 2% | 200 | — |
| 9,800 | 2,04,000 | |
| ∴ 1,000 | 20,816 | |
-
- Calculation of Stock on Consignment (at invoice price)
| Quantity (in Kg.) | Amount (in ` ) | |
| 10,000 | 2,04,000 (2,00,000+4,000) | |
| Less: Normal Loss of 2% | 200 | — |
| 9,800 | 2,04,000 | |
| ∴ 2,800 | 58,286 | |
Q.4 A Company consigned 200 boxes of ` 100 each at an invoice price of ` 120 per box. The Company paid ` 1200 as forwarding expenses. Agent received the consignment and paid ` 800 on carriage, ` 1000 on godown rent & charged 10% commission on sales. He sold 150 boxes @ ` 200 per box. He informed that 20 boxes were lost by theft in godown. Prepare Consignment Account in the books of the Company.
Solution:
Consignment Account
| Particulars | Amount | Particulars | Amount | |
| To Goods sent on Consignment | By Goods Sent on Consignment | 4,000 | ||
| (200 × ` 120) | 24,000 | Or Loading (200 ` 20) | ||
| To Cash/Bank (Forwarding exp.) | 1,200 | By Agent (150 × ` 200) | 30,000 | |
| To Agent : | By P& L A/c(1) (Abnormal Loss) | 2,200 | ||
| Carriage : | 800 | By Stock on consignment(2) | 3,900 | |
| Godown rent : | 1000 | |||
| Commission : | 3,000 | 4,800 | ||
| To Stock Reserve or Stock Suspense A/c | ||||
| (30 × 20) | 600 | |||
| To Profit & Loss A/c | 9,500 | |||
| 40,100 | 40,100 | |||
Working Note:
| 1. Calculation of Abnormal Loss | |
| 20 boxes @ ` 100 each | = 2000 |
| Direct expenses | = + 200 |
| 2,200 | |
| 2. Stock valuation (at invoice price) | |
| 30 boxes @ ` 120 each | = 3600 |
| Direct expenses | = + 300 |
| 3,900 |
Q.5 Somesh of Calcutta consigned 100 cases of candles to Sailesh of Bankura. Which cost him ` 30 per case. He incurred the following costs packing ` 40 carriage ` 20 and Railway Freight (paid in advance) ` 40. Some of the cases were damaged in transit and Sailesh took delivery of 90 cases only. He (Sailesh) spent ` 10 for carriage and ` 40 for godown rent and sold consignment at ` 35 per case. He sent the net amount to Somesh after deducting his expenses and commission at the rate of 5 per cent on the sale proceeds together with his Account sales. Somesh also received ` 180 from the Railway as damages. Show how the transactions would appear in the books of Somesh.
Solution:
In the book of Somesh (consignor)
Consignment Account
| Particulars | Amount | Particulars | Amount | |
| To Goods Sent On Consignment A/c | 3,000 | By Sailesh (Sales) A/c
By Abnormal Loss A/c |
3,150
310 |
|
| To Cash A/c | ||||
| Packing | 40 | |||
| Carriage | 20 | |||
| Freight | 40 | 100 | ||
| To Sailesh A/c | ||||
| Carriage | 10 | |||
| Rent | 40 | 50 | ||
| To Sailesh A/c (Commission) | 158 | |||
| To Profit Transferred to P&L A/c | 152 | |||
| 3,460 | 3,460 |
With the freight, words ‘paid in advance’ is written it should not be mis-understood as ‘prepaid’ which means for the next financial year. Here it is paid before the journey starts hence advance is written, but it is for this consignment only and hence treated as expense.
Sailesh Account (Consignee)
| Particulars | Amount | Particulars | Amount |
| To Consignment A/c (sales) | 3,150 | By Consignment A/c (exp. paid) | 50 |
| By Consignment A/c (comm. due) | 158 | ||
| By Cash/Bank A/c (bal. recovered) | 2,942 | ||
| 3,150 | 3,150 |
Goods sent on consignment A/c
| To Trading A/c | 3,000 | By Consignment A/c | 3,000 |
| 3,000 | 3,000 |
Abnormal loss A/c
| To Consignment A/c | 310 | By Cash (claim from Railway) | 180 |
| By Net abnormal Loss trf. to P&L A/c | 130 | ||
| 310 | 310 |
Calculations
| Abnormal Loss (10 Cases) | |
| Basic cost @ | 300 |
| Freight, packing @ | 10 |
| Total cost | 310 |
In the books of Sailesh (Consignee)
Somesh (Consignors) a/c
| Particulars | ` | Particulars | ` |
| To Cash bank (exp. paid) | 50 | By Cash/bank/debtors (sales made) | 3,150 |
| To Commission a/c (due) | 158 | ||
| To Cash/Bank (net balance paid) | 2,942 | ||
| 3,150 | 3,150 |
Commission a/c
| Particulars | ` | Particulars | ` |
| To P&L a/c (income transferred) | 158 | By Somesh a/c | 158 |
| 158 | 158 |
Q.6 The Swastik Oil Mills, Bombay, consigned 10,000 Kg. of Castor Oil to Dass of Calcutta on 1st April 2016. The cost of the oil was ` 2 per Kg. The Swastik Oil Mills paid ` 5,000 as freight and insurance. During transit 250 Kg. were accidentally destroyed for which the insurers paid, directly to the consignors, ` 450 in full settlement of the claim.
Dass took delivery of the consignment on the 10th April. On 30th June, 2016, Dass reported that 7,500 Kg. were sold at ` 300 the expenses being on godown rent ` 200/- on advertisement ` 1,000 and on salesman’s ` 2,000. Dass is entitled to a commission of 3 per cent plus 1.5 per cent del credere. A party which had bought 1,000 was able to pay only 80% of the amount due from it.
Dass reported a loss of 100 kg. as handling loss. Assuming that Dass paid the amount due by bank draft, show the account in the books of both the parties. The Swastik Oil Mills Ltd. close books on 30th June.
Solution:
In the Books of Consignor
Consignment account
| Particulars | ` | Particulars | ` | |
| To Goods Sent On Consignment A/c | 20,000 | By Dass A/c (Sales) | 22,500 | |
| To Cash A/c (Freight & Insurance) | 5,000 | By Abnormal Loss A/c | 631 | |
| To Consignee (Dass) A/c | By Normal Loss (Scrap Value) | – | ||
| Rent | 200 | By Consignment Stock | 5,429 | |
| Advertisement | 1,000 | By Net Loss Trf. to P&L | 653 | |
| Sales Man | 2,000 | 3,200 | ||
| To Dass A/c (Commission) | 1,013 | |||
| 29,213 | 29,213 |
Dass (consignee) account
| To Consignment A/c (sale) | 22,500 | By Consignment A/c (Rent etc.) | 3,200 |
| By Consignment A/c (commission) | 1,013 | ||
| By Bank A/c (Final dues received) | 18,287 | ||
| 22,500 | 22,500 |
Goods sent on consignment account
| To Trading A/c | 20,000 | By Consignment A/c | 20,000 |
| 20,000 | 20,000 |
Consignment stock account
| To Consignment A/c | 5,429 | By balance c/d | 5,429 |
| 5,429 | 5,429 |
Abnormal loss account
| To consignment A/c | 631 | By Cash A/c (insurance claim) | 450 |
| By Net abnormal loss trf. to P&L A/c | 181 | ||
| 631 | 631 |
Calculation : Normal quantity = Total qty. – Normal loss = 10000 – 100 = 9900
Closing stock = Total qty.- sold – lost = 10,000 – 7,500 – 250 – 100 = 2,150
| Valuation | Closing stock (2150 kg.) | Abnormal loss (250 kg.) |
| Basic cost @ | 4,343 | 505 |
| Freight & insurance @ | 1,086 | 126 |
| 5,429 | 631 |
In the book of Dass (consignee)
Consignor (Swastik oil mill) account
| Particulars | ` | Particulars | ` | |
| To Cash/Bank (Rent etc.) | 3,200 | By Cash/Bank/Debtor A/c (Sales) | 22,500 | |
| (200 + 1000 + 2000) | ||||
| To Commission A/c (22500 × 4.5%) | 1,013 | |||
| To Cash/Bank A/c (Balance paid) | 18,287 | |||
| 22,500 | 22,500 | |||
Bad debt account
| To Debtor A/c (80% was paid) | 600 | By P&L A/c | 600 |
| \ | |||
| 600 | 600 |
Commission account
| To P&L A/c | 1,013 | By Consignor A/c | 1,013 |
| 1,013 | 1,013 |
Q.7 A cotton Mill at Ahmedabad sends regular consignments of cloth to M/s. Lall & Sons of Lucknow who are agents for selling the cloth at the risk of the Mill and are entitled to a commission of 10 paise per Kg. cloth sold. This includes del credere commission.
Stock of cloth with agents at the beginning 20,000 kg. costing 50,000
Total quantity of cloth consigned 1,60,000 kg. at ` 3.00 per Kg.
Total Quantity of cloth sold 1,50,000 kg. at ` 3.75 per kg.
Total remittances by the agents ` 5,10,000.
Railway Freight paid by the agents ` 40,000 of sales. M/s Lall & Sons could not collect ` 11,000 due to insolvency of a customer.
5,000 kg of cloth was damaged by the railway for which the agents recovered ` 6,000. The damaged goods were sold at the rate of ` 1.50 per kg. Record the transactions in the books of the Mill.
Solution:
In the books of cotton mill, Ahmedabad (consignor) account
Consignment Account
| Particulars | ` | Particulars | ` | |
| To Opening stock a/c | 50,000 | By Consignee a/c (sale) | 5,62,500 | |
| To Goods Sent on Consignment a/c | 4,80,000 | By Abnormal loss a/c | 16,250 | |
| To Consignee a/c | 40,000 | By Consignment stock a/c | 81,250 | |
| To Consignee a/c | ||||
| (Commission 1,50,000 × .10) | 15,000 | |||
| To P&L a/c | 75,000 | |||
| 6,60,000 | 6,60,000 | |||
M/s. Lall & Sons, Lucknow (Consignee) Account
| To Consignment a/c (sale proceeds) | 5,62,500 | By Bank a/c | 5,10,000 |
| To Abnormal loss a/c (claim received) | 6,000 | By Consignment a/c | 40,000 |
| To Abnormal loss a/c (sale proceeds) | 7,500 | By Consignment a/c (commission) | 15,000 |
| By Abnormal loss a/c (commission) | 500 | ||
| By Balance c/f | 10,500 | ||
| 5,76,000 | 5,76,000 |
Goods Sent on Consignment A/c
| Particular | ` | Particular | ` |
| To Trading a/c | 4,80,000 | By Consignment a/c | 4,80,000 |
Abnormal loss Account
| Particulars | ` | Particulars | ` |
| To Consignment a/c | 16,250 | By M/s. Lall & Sons a/c (Claim received) | 6,000 |
| To Consignee a/c (commission on sale) | 500 | By M/s. Lall & Sons a/c (sale proceeds) | 7,500 |
| By P&L a/c (Net abnormal loss transferred) | 3,250 | ||
| 16,750 | 16,750 |
Consignment stock Account
| To Consignment a/c | 81,250 | By Balance c/f | 81,250 |
Valuation (FIFO method)
| Abnormal loss | Stock | |
| Quantity | 5000 | 25000 |
| Basic cost @3 | 15000 | 75000 |
| Expenses freight (40000/160000) | 1250 | 6250 |
| Total | 16,250 | 81,250 |
Q.8 On 1st January, 2016 Lila & Co. of Calcutta consigned 100 cases of Milk Powder to Shila & Co. of Bombay. The goods were charged at a proforma invoice value of ` 10,000 including a profit of 25% on invoice price. On the same date the consignor paid ` 600 for freight and insurance. On 1st July, the consignees paid import duty ` 1,000, dock dues ` 200. On 1st August, they sold 80 cases for ` 10,500 and sent a remittance for the balance due to the consignor after deducting commission at the rate of 5% on gross sale proceeds. Show the Consignment Account and Shila & Co’s Account in Lila & Co’s Book.
Solution :
Lila & Co’s Ledger
Consignment to Bombay Account
| Date | Particulars | Amount | Date | Particulars | Amount | ||
| ` | ` | ||||||
| 2016 | 2016 | ||||||
| Jan.1 | To Goods sent on Consignment | 10,000 | Jan. | By Goods Sent on | |||
| To Bank: (Freight & Insurance) | 600 | Consignment (Loading) | 2,500 | ||||
| Jul.1 | To Shila & Co. | Aug.1 | By Shila & Co. (Sales) | 10,500 | |||
| Import Duty | 1,000 | By Stock out on Consignment | |||||
| Dock Duty | 200 | Invoice price | 2,000 | ||||
| Commission | 525 | 1725 | Exp. (1/5 of 1800) | 360 | 2,360 | ||
| To Stock Reserve (25% of 2,000) | 500 | ||||||
| To Profit transf. to Profit & Loss a/c | 2,535 | ||||||
| 15,360 | 15,360 |
Shila & Co’s Account
| Date | Particulars | Amount | Date | Particulars | Amount |
| ` | ` | ||||
| 2016 | 2016 | ||||
| Aug. 1 | To Consignment to Bombay a/c | 10,500 | July 1 | By Consignment to Bombay a/c | |
| (Exp. & Commission) | 1,725 | ||||
| Aug.1 | By Bank a/c (Final Payment) | 8,775 | |||
| 10,500 | 10,500 |
Goods sent on Consignment Account
| Particulars | ` | Particulars | ` |
| To Consignment a/c | 2,500 | By Consignment a/c | 10,000 |
| To Trading a/c | 7,500 | ||
| 10,000 | 10,000 |
Consignment Stock Account
| Particulars | ` | Particulars | ` | |
| To Consignment a/c | 2,360 | By Balance c/f | 2,360 | |
| 2,360 | 2,360 | |||
Stock Reserve Account
| Particulars | ` | Particulars | ` |
| To Balance c/f | 500 | By Consignment a/c | 500 |
| 500 | 500 |
Working Notes:
| ` | ||
| (i) | Loading on goods sent on consignment 25% on ` 10,000 | 2,500 |
| (ii) | Loading on Closing Stock 25% on ` 2,000 | 500 |
| (iii) | Direct expenses included in valuation of closing stock 1/5 of ` 1,800 (600+1000+200) | 360 |
Q.9 On 1st January, 2016, Pawan sent on consignment to Raman, 10 cases of tea costing ` 5,000 each invoiced proforma at ` 6,000 each. Freight and other charges on the consignment amounted to ` 3,100.
On 31st March, 2016, Raman sent an account sales showing that 4 cases had been sold at ` 6,000 each and 3 cases at ` 7,000 each while 3 cases remained unsold. Raman also informed Pawan that of the three cases remaining in stock, two cases were badly damaged due to bad packing and that they would be sold at ` 3,000 per case (take as NRV).
Raman was entitled to a commission of 5% on gross sales which included del credere commission. Raman could recover ` 4,000 only from a customer to whom one case had been sold on credit for ` 6,000. Amount of all other sales were duly received.
On 31st March, 2016, Raman paid the amount due to Pawan by means of a cheque.
Prepare the ledger accounts in the books of Pawan & Raman.
Solution:
In the books of Pawan (consignor)
Consignment Account
| Particulars | ` | Particulars | ` |
| To Goods sent on Consignment a/c | 60,000 | By Raman a/c Sales 4 × 6000 = 24000 + 3 × 7000=21000 | 45,000 |
| To Cash a/c (Freight & other charges) | 3,100 | By Abnormal loss a/c (2 cases) (5000 × 2+3100 ÷ 10 × 2) | 10,620 |
| To Raman a/c (Commission 5%) | 2,250 | By Consignment stock a/c (1 case) (6000+3100 ÷ 10) | 6,310 |
| To Stock reserve a/c | 1,000 | By G.S. on consignment a/c (loading reversed) | 10,000 |
| To Net profit transferred to P&L a/c | 5,580 | ||
| 71,930 | 71,930 |
Raman (Consignee) Account
| Particulars | ` | Particulars | ` |
| To Consignment a/c | 45,000 | By Consignment a/c. | 2,250 |
| By Bank a/c | 42,750 | ||
| 45,000 | 45,000 |
Goods sent on Consignment Account
| Particulars | ` | Particulars | ` |
| To Consignment a/c (1000×10) | 10,000 | By Consignment a/c | 60,000 |
| To Trading a/c | 50,000 | ||
| 60,000 | 60,000 |
Abnormal Loss Account
| Particulars | ` | Particulars | ` |
| To Consignment a/c | 10,620 | By P&L a/c (Net loss transferred) | 4,620 |
| By Balance stock (3000 × 2) | 6,000 | ||
| 10,620 | 10,620 |
Note: Expected sale value of damaged goods ` 3,000 is assumed as net realizable value.
Consignment Stock Account
| Particulars | ` | Particulars | ` |
| To Consignment a/c | 6,310 | By Balance c/f | 6,310 |
| 6,310 | 6,310 |
Stock Reserve Account
| Particulars | ` | Particulars | ` |
| To Balance c/f | 1,000 | By Consignment a/c | 1,000 |
| 1,000 | 1,000 |
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